US Homebuilder Sentiment Lowest Since 2012

2026-10-19 14:05 By Joana Taborda 1 min. read

The NAHB/Wells Fargo Housing Market Index (HMI), which tracks US homebuilder confidence in the market for newly built single-family homes, fell for a second consecutive month to 29 in October 2026, the lowest since June 2012, from 32 in September and below forecasts of 32.

Current sales conditions fell two points to 33, also a 14-year low.

Sales expectations in the next six months dropped five points to 32, the lowest since November 2022 while traffic of prospective buyers declined five points to 18.

Also, 43% of builders cut prices in October, the highest share during the 2020-2026 period.

The average price cut remained at 6% for the seventh consecutive month.

“Housing remains squeezed by supply-side constraints and significant affordability challenges.

Demand persists, but higher mortgage rates, elevated construction costs and weaker consumer confidence are keeping more buyers on the sidelines”, according to Robert Dietz, NAHB chief economist.



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US Homebuilder Sentiment Lowest Since 2012
The NAHB/Wells Fargo Housing Market Index (HMI), which tracks US homebuilder confidence in the market for newly built single-family homes, fell for a second consecutive month to 29 in October 2026, the lowest since June 2012, from 32 in September and below forecasts of 32. Current sales conditions fell two points to 33, also a 14-year low. Sales expectations in the next six months dropped five points to 32, the lowest since November 2022 while traffic of prospective buyers declined five points to 18. Also, 43% of builders cut prices in October, the highest share during the 2020-2026 period. The average price cut remained at 6% for the seventh consecutive month. “Housing remains squeezed by supply-side constraints and significant affordability challenges. Demand persists, but higher mortgage rates, elevated construction costs and weaker consumer confidence are keeping more buyers on the sidelines”, according to Robert Dietz, NAHB chief economist.
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The NAHB/Wells Fargo Housing Market Index (HMI), which tracks US homebuilder confidence in the market for newly built single-family homes, fell to 32 in September 2026, the lowest in a year, compared to 35 in August and forecasts of 34. Current sales conditions fell four points to 35, sales expectations in the next six months dropped six points to 37 while traffic of prospective buyers held steady at 23. Also, 38% of builders cut prices in September, up from 35% in August.
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The NAHB/Wells Fargo Housing Market Index (HMI), which tracks US homebuilder confidence in the market for newly built single-family homes, inched up to 35 in August of 2026 from 34 in the previous month. The result contrasted with expectations that it would ease to 33. Current sales conditions rose by two points from the previous month to 39, while sales expectations over the next six months were unchanged at 43. Despite this, 35% of builders were forced to cut prices in August, down two percentage points from July. Among those, the average price reduction was 6%.
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